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					Verizon Communications Inc.
Condensed Consolidated Statements of Income




                                                                                                                      (dollars in millions, except per share amounts)

                                                                                                             3 Mos. Ended        3 Mos. Ended
Unaudited                                                                                                         3/31/09             3/31/08       % Change


Operating Revenues                                                                                       $        26,591     $        23,833               11.6

Operating Expenses
Cost of services and sales                                                                                        10,308               9,517                8.3
Selling, general & administrative expense                                                                          7,561               6,401               18.1
Depreciation and amortization expense                                                                              4,028               3,582               12.5
Total Operating Expenses                                                                                          21,897              19,500               12.3

Operating Income                                                                                                   4,694               4,333                8.3
Equity in earnings of unconsolidated businesses                                                                      128                  97               32.0
Other income and (expense), net                                                                                       53                  23                   *
Interest expense                                                                                                    (925)               (459)                  *
Income Before Provision for Income Taxes                                                                           3,950               3,994               (1.1)
Provision for income taxes                                                                                          (740)               (945)             (21.7)
Net income                                                                                               $         3,210 $             3,049                5.3

Net income attributable to noncontrolling interest                                                                 1,565               1,407               11.2
Net income attributable to Verizon                                                                                 1,645               1,642                0.2
Net Income                                                                                               $         3,210     $         3,049                5.3

Basic Earnings per Common Share
Net income attributable to Verizon                                                                       $           .58     $            .57               1.8

Weighted average number of common shares (in millions)                                                             2,841               2,863

Diluted Earnings per Common Share (1)
Net income attributable to Verizon                                                                       $           .58     $            .57               1.8

Weighted average number of common
    shares-assuming dilution (in millions)                                                                         2,841               2,865



Footnotes:
(1) Diluted Earnings per Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represents the only
    potential dilution.

*   Not meaningful
Verizon Communications Inc.
Condensed Consolidated Statements of Income Before Special Items



                                                                                                         (dollars in millions, except per share amounts)


                                                                                                3 Mos. Ended       3 Mos. Ended
Unaudited                                                                                            3/31/09            3/31/08        % Change


Operating Revenues (1)
  Domestic Wireless                                                                         $        15,122 $           11,669               29.6
  Wireline                                                                                           11,567             12,026               (3.8)
  Other                                                                                                 (98)              (120)             (18.3)
Total Operating Revenues                                                                             26,591             23,575               12.8

Operating Expenses (1)
  Cost of services and sales                                                                         10,247              9,395                9.1
  Selling, general & administrative expense                                                           7,421              6,237               19.0
  Depreciation and amortization expense                                                               3,983              3,522               13.1
Total Operating Expenses                                                                             21,651             19,154               13.0

Operating Income                                                                                      4,940               4,421              11.7
                                                      (1)
Operating income impact of divested operations                                                            -                  44            (100.0)
Equity in earnings of unconsolidated businesses                                                         128                  97              32.0
Other income and (expense), net                                                                          55                  23                 *
Interest expense                                                                                       (717)               (459)             56.2
Income Before Provision for Income Taxes                                                              4,406               4,126               6.8
Provision for income taxes                                                                             (917)               (978)             (6.2)
Net Income Before Special Items                                                             $         3,489 $             3,148              10.8

Net income attributable to noncontrolling interest                                                    1,698               1,407              20.7
Net income attributable to Verizon                                                                    1,791               1,741               2.9
Net Income Before Special Items                                                             $         3,489     $         3,148              10.8


Basic Adjusted Earnings per Common Share
Net income attributable to Verizon                                                          $           .63     $            .61               3.3

Weighted average number of common shares (in millions)                                                2,841               2,863

                                                        (2)
Diluted Adjusted Earnings per Common Share
Net income attributable to Verizon                                                          $           .63     $            .61               3.3

Weighted average number of common
   shares-assuming dilution (in millions)                                                             2,841               2,865



Footnotes:
(1) Reclassifications of prior period amounts have been made, where appropriate, to reflect comparable operating results for the spin-off of the
    wireline segment's non-strategic local exchange and related business assets in Maine, New Hampshire and Vermont in the first quarter of
    2008. Reclassifications were determined using specific information where available and allocations where data is not maintained on a state-
    specific basis within the Company's books and records as follows:

            Revenues                                                                        $            -     $             258
            Expenses                                                                        $            -     $             214

(2) Diluted Earnings per Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represents the
    only potential dilution.

*   Not meaningful
Verizon Communications Inc.
Condensed Consolidated Statements of Income - Reconciliations




                                                                                                           (dollars in millions, except per share amounts)




                                                                                                Special and Non-Recurring Items
                                                                                3 Mos. Ended                                      3 Mos. Ended
                                                                                   3/31/09                                           3/31/09
                                                                                  Reported           Merger         Acquisition      Before
Unaudited                                                                          (GAAP)       Integration Costs Related Charges Special Items

Operating Revenues                                                          $         26,591    $             -    $                -    $      26,591

Operating Expenses
Cost of services and sales                                                            10,308               (61)                    -            10,247
Selling, general & administrative expense                                              7,561               (52)                  (88)            7,421
Depreciation and amortization expense                                                  4,028               (45)                    -             3,983
Total Operating Expenses                                                              21,897              (158)                  (88)           21,651

Operating Income                                                                       4,694               158                   88              4,940
Equity in earnings of unconsolidated businesses                                          128                 -                    -                128
Other income and (expense), net                                                           53                 -                    2                 55
Interest expense                                                                        (925)                -                  208               (717)
Income Before Provision for Income Taxes                                               3,950               158                  298              4,406
Provision for income taxes                                                              (740)              (64)                (113)              (917)
Net income                                                                  $          3,210     $          94     $            185 $            3,489
Net income attributable to noncontrolling interest                                     1,565                 44                  89              1,698
Net income attributable to Verizon                                                     1,645                 50                  96              1,791
Net income                                                                  $          3,210     $           94    $            185      $       3,489

                                         (1)
Basic Earnings per Common Share
Net income attributable to Verizon                                          $             .58    $          .02    $             .03     $          .63

                                              (1)
Diluted Earnings per Common Share
Net income attributable to Verizon                                          $             .58    $          .02    $             .03     $          .63



                                                                                                                                (dollars in millions, except per share amounts)
                                                                                                        Special and Non-Recurring Items
                                                                                3 Mos. Ended                                                                  3 Mos. Ended
                                                                                   3/31/08                        Access Line Spin-       Impact of              3/31/08
                                                                                  Reported           Merger         Off Related            Divested          Before Special
Unaudited                                                                          (GAAP)       Integration Costs     Charges             Operations              Items


Operating Revenues                                                          $         23,833    $             -    $                -    $         (258)     $       23,575

Operating Expenses
Cost of services and sales                                                             9,517                 (5)                (16)               (101)              9,395
Selling, general & administrative expense                                              6,401                (24)                (87)                (53)              6,237
Depreciation and amortization expense                                                  3,582                  -                   -                 (60)              3,522
Total Operating Expenses                                                              19,500                (29)               (103)               (214)             19,154

Operating Income                                                                       4,333                 29                 103                 (44)              4,421
Operating income impact of divested operations                                             -                  -                   -                  44                  44
Equity in earnings of unconsolidated businesses                                           97                  -                   -                   -                  97
Other income and (expense), net                                                           23                  -                   -                   -                  23
Interest expense                                                                        (459)                 -                   -                   -                (459)
Income Before Provision for Income Taxes                                               3,994                 29                 103                     -             4,126
Provision for income taxes                                                              (945)               (11)                (22)                    -              (978)
Net income                                                                  $          3,049     $           18    $             81 $                   -    $        3,148
Net income attributable to noncontrolling interest                                     1,407                  -                    -                    -             1,407
Net income attributable to Verizon                                                     1,642                 18                   81                    -             1,741
Net income                                                                  $          3,049     $           18    $              81     $              -    $        3,148

                                         (1)
Basic Earnings per Common Share
Net income attributable to Verizon                                          $             .57    $          .01    $             .03     $              -    $           .61

                                              (1)
Diluted Earnings per Common Share
Net income attributable to Verizon                                          $             .57    $          .01    $             .03     $              -    $           .61

Footnote:
(1) EPS totals may not add due to rounding.

Note: See www.verizon.com/investor for a reconciliation of other non-GAAP measures.
Verizon Communications Inc.
Selected Financial and Operating Statistics



                                                                                       (dollars in millions, except per share amounts)
Unaudited                                                                                   3/31/09                      3/31/08

                                                        (1)
Debt to debt and Verizon's equity ratio-end of period                                       62.3%                         41.6%

                                (1)
Book value per common share                                                       $         14.73           $             17.64


Common shares outstanding (in millions)
 End of period                                                                              2,841                         2,851

Total employees                                                                          237,255                      230,228




                                                                                      3 Mos. Ended                3 Mos. Ended
Unaudited                                                                                  3/31/09                     3/31/08

Capital expenditures (including capitalized software)
 Domestic Wireless                                                                $         1,551           $             1,722
 Wireline                                                                                   2,003                         2,379
  Other                                                                                       153                           119
  Total                                                                           $         3,707           $             4,220



Cash dividends declared per common share                                          $           .460          $              .430

Footnote:
(1) Calculations are based on the equity position attributable to Verizon, which excludes noncontrolling interests.
Verizon Communications Inc.
Condensed Consolidated Balance Sheets



                                                                                                     (dollars in millions)


Unaudited                                                                   3/31/09       12/31/08       $ Change

Assets
 Current assets
   Cash and cash equivalents                                     $          3,979     $     9,782    $     (5,803)
   Short-term investments                                                     372             509            (137)
   Accounts receivable, net                                                11,989          11,703             286
   Inventories                                                              2,195           2,092             103
   Prepaid expenses and other                                               3,343           1,989           1,354
 Total current assets                                                      21,878          26,075          (4,197)
 Plant, property and equipment                                            221,500         215,605           5,895
   Less accumulated depreciation                                          131,645         129,059           2,586
                                                                           89,855          86,546           3,309
  Investments in unconsolidated businesses                                  3,574           3,393             181
  Wireless licenses                                                        70,873          61,974           8,899
  Goodwill                                                                 22,531           6,035          16,496
  Other intangible assets, net                                              7,299           5,199           2,100
  Other investments                                                             -           4,781          (4,781)
  Other assets                                                             10,841           8,349           2,492
Total Assets                                                     $        226,851     $   202,352    $     24,499


Liabilities and Equity
  Current liabilities
    Debt maturing within one year                                $         13,459     $     4,993    $       8,466
    Accounts payable and accrued liabilities                               14,403          13,814              589
    Other                                                                   7,207           7,099              108
  Total current liabilities                                                35,069          25,906            9,163
  Long-term debt                                                           55,674          46,959            8,715
  Employee benefit obligations                                             32,149          32,512             (363)
  Deferred income taxes                                                    16,998          11,769            5,229
  Other liabilities                                                         6,407           6,301              106

  Equity
    Common stock                                                              297             297                -
    Contributed capital                                                    40,108          40,291             (183)
    Reinvested earnings                                                    19,588          19,250              338
    Accumulated other comprehensive loss                                  (13,387)        (13,372)             (15)
    Common stock in treasury, at cost                                      (4,837)         (4,839)               2
    Deferred compensation - employee
      stock ownership plans and other                                          82              79               3
    Noncontrolling interest                                                38,703          37,199           1,504
  Total equity                                                             80,554          78,905           1,649
Total Liabilities and Equity                                     $        226,851     $   202,352    $     24,499

The unaudited consolidated balance sheets are based on preliminary information.
Verizon Communications Inc.
Condensed Consolidated Statements of Cash Flows



                                                                                                                       (dollars in millions)

                                                                                     3 Mos. Ended       3 Mos. Ended
Unaudited                                                                                 3/31/09            3/31/08         $ Change

Cash Flows From Operating Activities
Net income                                                                       $        3,210     $        3,049      $          161
Adjustments to reconcile net income to net cash provided by
  operating activities:
    Depreciation and amortization expense                                                 4,028              3,582                 446
    Employee retirement benefits                                                            502                407                  95
    Deferred income taxes                                                                   604                682                 (78)
    Provision for uncollectible accounts                                                    358                298                  60
    Equity in earnings of unconsolidated businesses, net of dividends received             (117)               (90)                (27)
    Changes in current assets and liabilities, net of
       effects from acquisition/disposition of businesses                                  (393)              (564)               171
    Other, net                                                                           (1,772)            (1,974)               202
Net cash provided by operating activities                                                 6,420              5,390              1,030

Cash Flows From Investing Activities
Capital expenditures (including capitalized software)                                    (3,707)            (4,220)               513
Acquisitions of licenses, investments and businesses, net of cash acquired               (5,118)              (931)            (4,187)
Net change in short-term investments                                                         80                241               (161)
Other, net                                                                                  (14)                92               (106)
Net cash used in investing activities                                                    (8,759)            (4,818)            (3,941)

Cash Flows From Financing Activities
Proceeds from long-term borrowings                                                        7,052              4,194              2,858
Repayments of long-term borrowings and capital
   lease obligations                                                                    (16,865)            (1,182)          (15,683)
Increase in short-term obligations, excluding
   current maturities                                                                     7,908              2,929              4,979
Dividends paid                                                                           (1,307)            (1,237)               (70)
Proceeds from sale of common stock                                                            -                  9                 (9)
Purchase of common stock for treasury                                                         -             (1,001)             1,001
Other, net                                                                                 (252)                48               (300)
Net cash provided by (used in) financing activities                                      (3,464)             3,760             (7,224)

Increase (decrease) in cash and cash equivalents                                         (5,803)             4,332           (10,135)
Cash and cash equivalents, beginning of period                                            9,782              1,153             8,629
Cash and cash equivalents, end of period                                         $        3,979     $        5,485     $      (1,506)
Verizon Communications Inc.
Verizon Wireless – Selected Financial Results



                                                                                                  (dollars in millions)
                                                              3 Mos. Ended      3 Mos. Ended
Unaudited                                                          3/31/09           3/31/08        % Change

Revenues
   Service revenues                                          $      13,075     $      10,145               28.9
   Equipment and other                                               2,047             1,524               34.3
Total Revenues                                                      15,122            11,669               29.6

Operating Expenses
   Cost of services and sales                                        4,660              3,585              30.0
   Selling, general & administrative expense                         4,442              3,529              25.9
   Depreciation and amortization expense                             1,749              1,300              34.5
Total Operating Expenses                                            10,851              8,414              29.0

Operating Income                                             $       4,271 $            3,255              31.2
Operating Income Margin                                              28.2%              27.9%




Verizon Communications Inc.
Verizon Wireless – Selected Operating Statistics

                                                                                              (numbers in thousands)
Unaudited                                                           3/31/09            3/31/08      % Change


Total Customers                                                     86,552            67,178               28.8
Retail Customers                                                    84,095            65,186               29.0



                                                              3 Mos. Ended      3 Mos. Ended
Unaudited                                                           3/31/09            3/31/08      % Change


Total Customer net adds in period (1)                               14,496              1,471                    *
Retail Customer net adds in period (2)                              14,074              1,451                    *

Total churn rate                                                     1.47%              1.19%
Retail churn rate                                                    1.47%              1.18%



Footnotes:
(1) Includes acquisitions and adjustments of 13,219 customers in the first quarter of 2009.

(2) Includes acquisitions and adjustments of 12,813 customers in the first quarter of 2009.

The segment financial results above are adjusted to exclude the effects of special and non-recurring items.
The company's chief decision makers exclude these items in assessing business unit performance, primarily
due to their non-operational nature.

Intersegment transactions have not been eliminated.

Certain reclassifications have been made, where appropriate, to reflect comparable operating results.

*   Not meaningful
Verizon Communications Inc.
Wireline – Selected Financial Results



                                                                                                        (dollars in millions)
                                                                    3 Mos. Ended        3 Mos. Ended
Unaudited                                                                3/31/09             3/31/08      % Change
                                   (1)
Wireline Operating Revenues
    Mass Markets                                                    $      4,924    $          4,892              0.7
    Global Enterprise                                                      3,743               3,876             (3.4)
    Global Wholesale Services                                              2,389               2,632             (9.2)
    Other                                                                    511                 626            (18.4)
Total Operating Revenues                                                  11,567              12,026             (3.8)

Operating Expenses (1)
    Cost of services and sales                                             5,895               6,081              (3.1)
    Selling, general & administrative expense                              2,766               2,696               2.6
    Depreciation and amortization expense                                  2,215               2,209               0.3
Total Operating Expenses                                                  10,876              10,986              (1.0)

Operating Income                                                    $         691 $            1,040            (33.6)
Operating Income Margin                                                      6.0%               8.6%




Verizon Communications Inc.
Wireline – Selected Operating Statistics

                                                                                                  (numbers in thousands)
Unaudited                                                                 3/31/09             3/31/08     % Change


Switched access lines in service
Total Residence (includes Primary residence)                              20,285              23,189            (12.5)
    Primary residence                                                     17,621              19,669            (10.4)

Business                                                                  14,685              15,532             (5.5)
Public                                                                       227                 283            (19.8)
Total                                                                     35,197              39,004             (9.8)

Broadband connections                                                      8,925               8,276              7.8
FIOS Internet Subscribers                                                  2,779               1,787             55.5
FIOS TV Subscribers                                                        2,217               1,206             83.8




Footnotes:
(1) Certain reclassifications have been made, where appropriate, to reflect comparable operating results.

The segment financial results above are adjusted to exclude the effects of special and non-recurring items. The
company's chief decision makers exclude these items in assessing business unit performance, primarily due to
their non-operational nature.

Intersegment transactions have not been eliminated.

				
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